In-depth interpretation of the vertical public chain Fibochain focused on Web3 social

Author: Fibochain

Introduction

Decentralized social networks can solve many problems of traditional social network platforms and enhance the overall user experience. Many emerging Web3 social protocols are building social networks on the blockchain. However, many Web3 social protocols currently face numerous challenges, as the performance of general-purpose public chains is limited by factors such as slow speeds, high costs, and scalability issues. This has led to the emergence of customized public chains focused on specific vertical segments in the current market. These specialized public chains bring new solutions, and today we will introduce Fibochain, a high-performance dedicated public chain for the social domain.

Project Introduction

Fibochain is a forward-looking, high-performance public chain with composable and iterative capabilities, incubated by the Fibonacci Foundation. Relying on its highly scalable underlying framework, Fibonacci is committed to building a customized social ecosystem for the social domain and the creator economy.

The foundational framework of Fibochain possesses the advantages of customized blockchains, including a modular framework based on the Cosmos architecture for convenient deployment, an SBFT+DPOS dual consensus mechanism that supports large-scale transactions, and an Ethereum-compatible EVM development and deployment model.

In the social domain, Fibonacci Lab has designed and created the first social application protocol compatible with the Fibochain framework, SocialX. The SocialX protocol proposes a minimalist and customizable social framework protocol aimed at addressing the personalized needs of blockchain applications in the social domain, suitable for a wide range of social scenarios, including decentralized social media, content creator incentive platforms, and advertising. The SocialX protocol is not a closed protocol; it can be customized for use on other public chains, such as Ethereum, Solana, Avalanche, etc.

In addition to applications in the social domain, Fibonacci Lab is also promoting the iterative upgrade of the foundational ecosystem, including the zero-slippage decentralized exchange FlySwap, the cross-chain bridge FBridge, and the comprehensive NFT marketplace Mirror.

Project Mission and Vision

After ten years of technological and ecological iteration and development, the underlying infrastructure of public chains has basically met the needs for application construction. However, this processing capacity only reaches tens of thousands in simple scenarios. For the large-scale transactions, composite technical architectures, and complex transaction scenarios required for developing Web3 social applications, general-purpose public chains currently cannot support them.

Fibonacci believes that developing customized public chains is an essential path for Web3.0 to shape the next generation of the internet. The rise of customized public chain solutions has a profound impact on the entire Web3 infrastructure landscape, marking the arrival of the fourth generation of blockchain era.

To better embrace the technological trends of the new public chain ecosystem and meet the demands of large-scale application scenarios, in 2023, Fibonacci proposed the direction of building customized blockchains, specifically to achieve a composable public chain architecture to respond more quickly to customization needs. To this end, the core development team of Fibonacci has upgraded the system architecture, layered architecture, and foundational applications to adapt to customized applications and quickly respond to instant services.
Advantages in Customization Fibochain is designed for customized blockchains, featuring characteristics that meet specific needs for dedicated scenarios with lower migration costs. Its architectural advantages include:

SBFT+DPOS Dual Consensus Mechanism The core consensus module of Fibochain replaces PBFT with the faster and more efficient SBFT. Experiments have shown that after using SBFT, the theoretical TPS of Fibochain reaches 100,000/s. The SBFT consensus mechanism enables Fibochain to support high concurrency and large-scale applications across multiple domains, laying a solid technical foundation for Fibochain to become a cornerstone and bridge of the blockchain ecosystem in the future.

Comprehensive Cross-Chain Support Fibochain can support multi-chain interoperability of data, enhancing the system's throughput and processing capabilities. Moreover, if one chain encounters a fault or is attacked, other chains can still operate normally, ensuring the stability and security of social applications.

FIBO Cross Protocol is a set of standardized communication protocols defined by Fibochain based on the IBC protocol, which includes standardized communication for requests, responses, retransmissions, errors, etc. The multi-chain architecture of the FIBO Cross Protocol provides higher scalability and reliability for high-frequency applications. For example, in social applications, the FIBO Cross Protocol allows users to publish and share content across different blockchains. Using the standardized cross-chain query protocol defined by the FIBO Cross Protocol, users can easily query and access data across different chains.

EVM Integration and Optimization The native instructions of EVM incur high GAS costs, placing a significant cost burden on users interacting with the Fibochain network. Therefore, Fibochain has proposed the concept of Gas Less EVM (i.e., optimizing the implementation methods and algorithms to reduce the GAS cost of native EVM instructions to one-sixth while maintaining the integrity of EVM). Fibochain is an EVM-compatible chain based on the Cosmos network's community technology architecture, allowing many Ethereum applications to migrate to the Fibochain ecosystem at zero cost. Through this optimization, Fibochain has reduced the GAS cost of calling data from 16 gas/byte to 3 gas/byte.

Social-Oriented Layered Architecture The layered architecture of Fibochain supports composable operations, interface management, and permissionless management, providing developers with iterative development and backward-compatible native components. Fibochain divides several major modules according to the principles of independence, low coupling, high cohesion, and common modules, and has currently achieved customization of the Cosmos Social and NFT modules.

Although lightweight storage applications like DeFi currently run well on general-purpose blockchains, general-purpose blockchains cannot scale to handle storage-intensive applications like social applications due to high storage costs. In contrast, the storage costs for DeFi applications on Fibochain can be virtually negligible.

Moreover, the large-scale adoption of Web3 social protocols will inevitably lead to extremely high performance requirements for the underlying infrastructure—public chains. Currently, the TPS of general-purpose public chains far fails to meet this demand, while the advantages of customization and extremely high processing speed adopted by Fibochain make all of this possible.

Ecosystem Introduction

Since 2022, the Fibonacci Foundation has been committed to supporting the construction of the ecosystem. In terms of ecosystem funding, Fibonacci Lab has established an ecosystem fund to provide financial support, technical assistance, media promotion, and market outreach for DApps developed on the SocialX protocol, aiming to promote the development of blockchain applications in the social domain.

FlySwap

FlySwap is the first DEX on Fibochain, aimed at providing efficient, secure, and low-cost digital asset trading services, featuring zero-slippage stablecoin exchanges, periodic liquidity locking, and ecological mutual mining.

FigBox

FigBox is a simple and easy-to-use wallet management tool that supports multi-chain association, QR code interaction for cold wallet functions, and multi-signature contract capabilities.

Fbridge

FBridge is the first cross-chain bridge connected to Fibochain. FBridge enables cross-chain communication and asset transfer between different blockchain networks. The advantages of the FBridge cross-chain bridge lie in its multi-chain and multi-currency support, as well as its fee incentive mechanism, which helps users easily achieve cross-chain asset transfers and exchanges while ensuring the operational stability of the entire cross-chain bridge.

FiboScan

FiboScan is the blockchain explorer for Fibochain, used to browse data such as transactions, blocks, and addresses on Fibochain. It allows users to view detailed transaction information, block height, size, etc. It displays the data most relevant to users by default and provides statistically significant secondary data, featuring a unique UI design among all blockchain explorers.

Mirror

Mirror is a forward-looking comprehensive NFT marketplace that is not just an NFT trading market but also provides a new mechanism for assigning value to NFTs, allowing NFT issuers to endow NFTs with practical value, ensuring their intrinsic worth.

WhaleFin

WhaleFin is a structured DeFi product developed based on Fibochain. Users can obtain low-risk sustainable returns through staking by providing stablecoin liquidity with flexible access.

Fibonacci Oracle

The Oracle is a decentralized and digital core underlying tool provided by the core development team of Fibonacci for the Web3 ecosystem, connecting the Fibochain ecosystem to existing external data sources to facilitate the execution of smart contracts based on real-world information.

SocialX: The First Customized Social Protocol Compatible with Fibochain

SocialX is the first disruptive, minimalist protocol aimed at the social domain. SocialX features horizontal compatibility with public chains, user experience convenience, optional storage, and rapid application construction, aiming to address the customization needs of blockchain applications in the social domain.

The SocialX protocol achieves horizontal compatibility by customizing the consensus layer, data availability layer, and settlement layer. The consensus layer includes the consensus algorithms and mining reward mechanisms of various public chains, the data availability layer includes the data structures and storage methods of public chains, and the settlement layer includes the transaction methods and fees of public chains. By customizing these layers, the SocialX protocol can be compatible with multiple public chains, solving the problem of information silos among public chains.

SocialX is an open and customizable underlying social protocol developed by Fibonacci Lab. SocialX can support the construction of a large number of social applications, which further enriches the functionality of SocialX itself, creating a positive feedback loop. The prosperity of social applications can lock in more users and resources to public chain networks like Fibochain, thereby truly releasing the protocol value and potential of SocialX.

Token Economics

The native asset of Fibochain is FIBO Coin. Similar to the operation of leading networks like Bitcoin or Ethereum, FIBO Coin is the primary transaction unit of the entire Fibochain ecosystem. The total issuance of FIBO is 77,777,777 coins, distributed over 77 years. Its coin release mechanism is 20% of the annual surplus. The distribution mechanism is as follows: pre-mined: 12 million (30% of the 12 million goes to the founding team, and 70% to the community), after the mainnet launch: 15% to the technical team, 15% to the foundation, 30% for ecological support, and 40% for node rewards.

In addition to serving as the foundational asset and medium of exchange for the entire network, FIBO also grants holders governance rights. The Fibonacci Foundation will initially control platform parameters in conjunction with community contributions. As development continues, FIBO holders will be able to vote on updates to decentralized social network projects. It is reported that FIBO will soon be listed on the well-known cryptocurrency exchange MEXC, where users can acquire FIBO through the MEXC exchange.

Future Roadmap

Fibonacci's Web3 journey began with the ICO in 2021. In 2022, the Fibochain mainnet was launched alongside the first batch of ecological DApps (FiboScan, Mirror, and FbBridge).

After receiving investment from SoftBank Capital in the United States, products like Flyswap were subsequently launched. Following continuous iterations and updates, in early 2023, Fibochain and the 2.0 version updates of the first batch of ecological DApps were launched. Notably, the first full-chain social protocol product, SocialX, developed by Fibonacci Labs, was also launched at this time.

Additionally, Fibonacci is now formulating long-term plans to achieve the next stage of crypto growth. The following are Fibonacci's three overall goals for the second half of the year:

Strengthening Network Security

Security will always be a top priority, and Fibonacci is continuously enhancing the network along the path of decentralization.

Enhancing Ecosystem Construction

New Fibonacci ecological products—including a series of projects such as Nest, ADFI, ACGN, GameFi, and lending protocols—will gain significant traffic, attracting more Web3 users.

Introducing Industry-Leading Governance Modules

Achieving refined governance control through updates to EVM modules, staking modules, and social governance modules.

Conclusion

The customized and high-performance public chain project (Fibochain) offers an alternative to traditional, monopolistic, and centralized large technology social media companies. Combined with the native FIBO Coin, Fibochain provides a more attractive option for Web3 social protocols. Furthermore, by introducing its own rich ecosystem and integrating excellent third-party protocols, the diverse ecosystem of Fibochain also provides new opportunities for various users. At the same time, Fibonacci Lab continues to research privacy technologies and further consensus mechanisms for performance.